How a Pandemic Side Hustle Earned More than a CFO Salary: The CJ Gustafson Story

Ever found yourself pondering not just the taste of a pastry, but how many need selling to keep the bakery's doors open? That's how CJ Gustafson's mind works, always crunching numbers, even in the simplest of scenarios. It was this innate curiosity, paired with a knack for finance, that sparked a journey from CFO to successful entrepreneur.

From Substack to Success

During the cold, isolating months of 2020 on Cape Cod, Gustafson began a Substack newsletter aimed at Chief Financial Officers (CFOs). Initially, it was a creative outlet, something to pass the time while he quarantined. Yet, this side project quickly gained traction. The newsletter, named Mostly Metrics, reached about 4,000 subscribers, a modest number, but significant enough to attract attention from notable figures in finance. This wasn't just luck. it was Gustafson's ability to translate complex financial concepts into something engaging and accessible.

However, faced with an ultimatum from his employer, focus on his rising newsletter or continue as CFO, Gustafson made a bold decision. He left his job, leaving behind equity worth about $1 million. It was a risky move, especially with a newborn at home, but supported by his wife's belief in the newsletter's potential, he embraced the uncertainty.

The Leap to Full-Time Entrepreneurship

Despite the pressures of imposter syndrome, Gustafson proved his mettle as a CFO, scaling a company fivefold in just over two years. But the real story is how he turned down a comfortable future as a traditional CFO, instead diving headfirst into entrepreneurship. By 2025, he had fully monetized Mostly Metrics through advertising instead of subscriptions, capitalizing on a niche audience of decision-makers that advertisers were eager to tap into.

His gamble paid off. By the last year in his CFO role, his side business grossed about $1.5 million, far surpassing his CFO salary. When the company he helped scale was sold, he faced a choice, return to the stability of a high-paying CFO position or bet entirely on his venture. He chose the latter. In 2026, Mostly Media brought in around $3.6 million.

Gustafson's journey potential of side hustles, particularly in today's gig economy. Who's to say your passion project can't outperform your day job? But is this path sustainable for everyone? Color me skeptical, but Gustafson's story, while inspiring, is a rare example of such success.

What This Means for Entrepreneurs

Gustafson's story raises an interesting question: Can the conventional career path be overshadowed by passion-driven projects? The numbers suggest a resounding yes, but the transition isn't without its challenges. Aspiring entrepreneurs can learn from Gustafson's experience, balance risk with potential, trust your gut, and recognize when to take a calculated leap.

In the broader context, Gustafson's pivot highlights a shift in how we perceive job security and success. Traditional roles, like that of a CFO, offer stability, but they also come with limitations. Entrepreneurship, by contrast, offers uncapped potential, albeit with higher risk.

For those in the crypto world, this presents a narrative worth exploring. How many in the blockchain space are sitting on ideas that could redefine industries, waiting just beyond the horizon? The question worth asking is whether the safety net of a steady paycheck is enough to keep you there.

And here's the thing: while Gustafson’s journey is exceptional, it's not magic. It’s the result of meticulous planning, a supportive network, and a willingness to take risks, a formula that, while not easy, is certainly replicable. So, should you leap or linger? Time will tell, though, whether more will follow in Gustafson’s footsteps or stick to what’s familiar.